2006 New Mexico Statutes - 55-9-201 — General effectiveness of security agreement.

55-9-201. General effectiveness of security agreement.

(a)     Except as otherwise provided in the Uniform Commercial Code [Chapter 55, NMSA 1978], a security agreement is effective according to its terms between the parties, against purchasers of the collateral and against creditors.   

(b)     A transaction subject to Chapter 55, Article 9 NMSA 1978 is subject to any applicable rule of law which establishes a different rule for consumers, and to the provisions of the Oil and Gas Products Lien Act [ 48-9-1 to 48-9-8 NMSA 1978]; Chapter 56, Article 1 NMSA 1978; the Artists' Consignment Act [ 56-11-1 to 56-11-3 NMSA 1978]; the Pawnbrokers Act [ 56-12-1 to 56-12-16 NMSA 1978]; the New Mexico Bank Installment Loan Act of 1959 [ 58-7-1 NMSA 1978]; the New Mexico Small Loan Act of 1955 [Chapter 58, Article 15 NMSA 1978]; the Motor Vehicle Sales Finance Act [ 58-19-1 NMSA 1978]; and to rules adopted under those statutes.   

(c)     In case of conflict between Chapter 55, Article 9 NMSA 1978 and a rule of law, statute or rule described in Subsection (b) of this section, the rule of law, statute or rule controls. Failure to comply with a statute or rule described in Subsection (b) of this section has only the effect the statute or rule specifies.   

(d)      Chapter 55, Article 9 NMSA 1978 does not:   

(1)     validate any rate, charge, agreement or practice that violates a rule of law, statute or rule described in Subsection (b) of this section; or   

(2)     extend the application of the rule of law, statute or rule to a transaction not otherwise subject to it.   

(e)     The filing provisions set forth in the Farm Products Secured Interest Act [ 56-13-1 to 56-13-14 NMSA 1978] and in the Public Utility Act [ 62-13-1 NMSA 1978] are in addition to the filing provisions set forth in Chapter 55, Article 9 NMSA 1978. Failure to comply with the filing provisions in those acts has only the effect specified in those acts.